IPO FOCUS: Cellulite and Tattoo Removal IPO Begins Trading on the NASDAQ with only 2.2M Shares in the Float
While Wall Street has been busy focusing their attention on upcoming IPO’s like Uber, Lyft, Slack, Pinterest and a few others, we discovered a much smaller med-device company with a patented breakthrough acoustic shockwave device that just recently listed on the Nasdaq.
Here are some research highlights that we discovered:
- Their acoustic shockwave device, which they refer to as Rapid Acoustic Pulse or RAP, is non-invasive and virtually painless (see example below).
- It originated at the MD Anderson Cancer Center, the world’s largest research center and they remain a shareholder of the company today.
- Their RAP device was just honored with the prestigious “Best in Session” award by the American Society for Laser Medicine and Surgery (ASLMS).
- Their RAP device received institutional review board (IRB) approval as a non-significant risk (NSR) device.
- Currently in a collaborative trial with a multibillion-dollar, global aesthetics company to test their RAP device’s ability to accelerate that company’s own fat reduction technology.
- They discovered in preclinical testing that their RAP device was able to affect the structures that result in cellulite and stimulate new collagen growth, therefore they believe it has the potential to reduce cellulite and skin laxity.
- They are currently in human clinical trials for the reduction of cellulite and expect to release that data shortly.
- Executive and science advisory teams, as well as their board of directors, are comprised of aesthetic and medical device experts, including senior management from the makers of CoolSculpting (the leading non-surgical fat reduction technology that was acquired by Allergan for $2.4B [$56 per share]).
- Their RAP device demonstrated the ability in clinical trials to remove tattoos in as little as 2 to 3 treatments versus the 10 to 12 industry average (tattoo removal market is predicted to hit $4.4B by 2023).
- Per their SEC filings, an FDA filing is expected by March 31, 2019.
- They’ve partnered with one of the world’s largest medical device manufacturers, Sanmina, to produce their equipment.
- In their IPO, they sold approximately 2.2M shares, which is a very small float. Float is the actual shares that are able to be traded in the public markets.
Soliton began trading on the Nasdaq in late February under the ticker symbol “SOLY”. They sold 2,172,591 shares of its common stock at the IPO price of $5.00 per share.
In the world of publicly traded companies, having a float of just over 2 million shares would be considered fairly small compared to a stock like Apple, which has a float of over 4.4 billion shares.
The snapshot of the company today is that over the past 5 years, with the help of some of the smartest engineering minds in the world and having spent over $25M on research and development, they have created a breakthrough rapid acoustic pulse (RAP) device that is designed to be used in conjunction with the current standard of care lasers to accelerate tattoo removal by 3 to 4 times faster than lasers alone.